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Interested in Jobs in the International Arena?
Why A U.S. Graduate Degree in Economics Might Be
Your Ticket
The old adage about it being a small world has never been more correct.
With advances in the technologies of communications and transportation
occurring at a dizzying pace, we can be literally almost anywhere on the
planet in a matter of hours and virtually within seconds. These changes
have led to a tremendous increase in the need for individuals with training
related to international issues. While there are a number of fields of
study one can pursue in order to gain this experience, graduate study
in economics is one of the most flexible and effective. With most of the
best graduate programs in economics located in the United States, looking
at U.S. programs is an excellent place to start.
At its heart, economics is a discipline that teaches analytical thinking
and problem solving. These skills are highly prized commodities in any
job market, not least for jobs in the international arena. As part of
this rigorous analytical focus, graduate work in economics (especially
in the U.S.) typically involves extensive and intensive training in data
analysis methods. In general, individuals with advanced degrees in economics
are most highly prized for their abilities to think flexibly and to solve
problems rationally.
Given the nature of graduate training in economics, it is not surprising
to find that employers in the international arena are especially interested
in applicants with an economics background. Certainly, fluency in foreign
languages as well as some training in international affairs are attractive
attributes to employers, and depending on the particular nature of the
job certain other qualifications may be important. For example, careers
in international banking might involve advanced degrees in finance or
accounting, whereas work in the energy exploration sector might require
training in earth sciences. However, the most commonly listed type of
training that employers prefer is economics. In fact, of the jobs listed
in International Jobs: Where They Are, How to Get Them, some
42% list economics as a preferred major of applicants (see chart). Quite
a few of these international jobs also list the ability to carry out quantitative
analysis as important attributes of successful applicants. This sort of
training also figures prominently in the curricula of most U.S. graduate
economics programs.
Why are economists in such demand in the international arena? A large
part of the answer is that economists are trained to analyze and solve
problems. Whether the job involves derivatives and securities trading,
assessing the impact on African villages of the adoption of energy-efficient
family cook stoves, negotiating on behalf of one’s government before
the World Trade Organization, or in any of the countless international
jobs in between, disciplined and logical thinking will always be in demand.
Source: Eric Kocher and Nina Segal, International Jobs: Where They
Are, How to Get Them, 5th edition, Reading Massachusetts: Perseus,
1999.
Contributed by Steven Cobbs, PhD, Associate Professor and Chair,
and the staff of the Department of Economics at the University of North
Texas.
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